But how much do you know about your “financial fitness”?

FalseCorrect! Any beneficiary designations set up on your accounts supersede what your will says. As an example, if you leave your IRA to your best friend through a beneficiary designation, your IRA is passed by the designation and not your will.

Everyone should have life insurance.

True

FalseCorrect! Life insurance is designed to replace lost income in the event of death. Only individuals who have family/friends that depend on them for income or individuals that want to leave an inheritance to family/friends need life insurance.

You can take a loan from your 401(k) when you need cash but you may want to consider other available sources first.

TrueCorrect! You can borrow 50% of your account balance up to a maximum of $50k from your 401(k) as a loan. However, it typically must be repaid within five years. While 401(k) loans can be convenient, consider your emergency fund savings or a home equity line of credit first.

False

At Glassman Wealth Services, your financial success is about more than bar graphs and pie charts. It’s about you.

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